The number of homes being pulled off the market has reached its highest level in nearly a decade, as sellers struggle to find buyers in a cooling housing market, Fortune reports.
According to CoreLogic data cited by The Wall Street Journal, 73,000 homes were delisted in December, marking a 64% increase from the previous year and the highest level since 2015. While home delistings often rise in the winter, the sharp increase suggests a widening gap between supply and demand.
The surge in delistings comes as the housing market faces an oversupply of homes. In December, there were 1.15 million homes on the market, a 16% increase from the previous year, according to the National Association of Realtors. Despite this increase in inventory, demand has remained weak.
Home sales in 2024 have fallen to their lowest level in nearly 30 years, largely due to high mortgage rates and rising home prices. Even newly constructed homes, which are being built smaller and at lower price points to attract buyers, have seen declining interest. The National Association of Home Builders reported that the number of completed homes ready for occupancy rose 46% in December to 118,000, further contributing to the oversupply.
With more homes available but fewer buyers, many sellers are choosing to remove their listings rather than sell at lower prices. By waiting for market conditions to improve, homeowners hope to avoid accepting less than their neighbors or losing value on their properties.
Some sellers may choose to relist their homes in the spring, a time when buyer activity traditionally increases. Spring is often considered the peak season for home sales, and many sellers may be banking on improved demand in the coming months.
